Daily Sabah (Turkey) - - Front Page -

IN Tur­key, where 6.1 bil­lion square me­ters of real estate val­ued at TL 2.7 tril­lion ($510 mil­lion) was sup­plied to the mar­ket in 2017 alone, the work for the es­tab­lish­ment of the Real Estate Stock Exchange is in progress.

To this end, the Real Estate Stock Exchange (GABORAS) was es­tab­lished in col­lab­o­ra­tion with the Turk­ish In­de­pen­dent In­dus­tri­al­ists and Busi­ness­men’s As­so­ci­a­tion (MÜSİAD) and Yıldız Tech­ni­cal Univer­sity. GABORAS Vice Chair­man İshak Kur­tu­luş Al­tun stated that their ini­tial ob­jec­tive is to es­tab­lish a secure trading platform in real estate and that they would like to of­fer ma­jor projects such as pub­lic gar­dens and Kanal Istanbul to the pub­lic and to carry out in­dex stud­ies of cities, ac­cord­ing to a re­port by Turk­ish daily Dünya.

“It is nec­es­sary to talk about new ar­gu­ments in real estate that in­cor­po­rate a hous­ing stock of about 800,000 units. In this sense, the real estate stock exchange con­cept ini­ti­ated in 2014 may be re­al­ized,” Al­tun said. “Be­cause real estate is a prod­uct that can be ex­ported. MÜSİAD is a non­govern­men­tal or­ga­ni­za­tion op­er­at­ing in 80 coun­tries. We are try­ing to ex­port real estate and its as­sets us­ing this net­work for ex­port pur­poses.”

Al­tun stated that the banks in Tur­key have yet to con­duct real estate-based se­cu­ri­ti­za­tion abroad. “Real estate ab­sorbs money like a black hole if banks do not un­dergo se­cu­ri­ti­za­tion and ex­pe­ri­ence such re­lax­ation,” he con­tin­ued. “We squir­rel away real estate as con­trac­tors do not use their projects as a cap­i­tal tool un­like in de­vel­oped coun­tries. Of the 23 mil­lion build­ings, 13 mil­lion were un­reg­is­tered. Now they are reg­is­tered with Zon­ing Peace. If struc­tural prob­lems are not solved, this sec­tor will have more se­ri­ous prob­lems.”

Al­tun said the sys­tem could be launched in Tur­key and ex­panded through Azer­bai­jan and African coun­tries, stress­ing that the real estate stock exchange would bring back dead cap­i­tal in this re­gard. “We have very se­ri­ous dead cap­i­tal. A total of TL 50 bil­lion was ex­pected from the Zon­ing Peace over 4 per­cent ti­tle deed. The­o­ret­i­cally, the econ­omy here is TL 1.1 tril­lion,” he added.

Al­tun stated that the con­trol mech­a­nism will be in­tro­duced to the sec­tor with the Real Estate Stock Exchange, re­call­ing that they came to­gether with all in­sti­tu­tions such as the Cap­i­tal Mar­kets Board (CMB) and the Bank­ing Reg­u­la­tion and Su­per­vi­sion Agency (BDDK) and saw a vol­ume of TL 508 bil­lion.

Al­tun high­lighted that with the se­cu­ri­ti­za­tion of the sec­tor, cit­i­zens will be able to ac­cess all the in­for­ma­tion about real estate elec­tron­i­cally with a sin­gle touch in the fastest and most re­li­able way.

Ex­plain­ing that GABORAS rec­og­nizes and ac­cepts the ti­tle deeds and/or rights that have been es­tab­lished through the ti­tle deed as as­sets, Al­tun said sin­gle or thou­sands of deeds can be mon­i­tored with the same elec­tronic in­fra­struc­ture, ad­ding it will be pos­si­ble to per­form all op­er­a­tions via GABORAS. “Via po­si­tional trans­ac­tions land, square-me­ter and po­si­tion-ori­ented op­er­a­tions can be per­formed over the sys­tem.”

Al­tun also noted they will have the chance to pro­vide the type of con­fi­dence en­vi­ron­ment that many for­eign in­vestors need with GABORAS.

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